Ax Worx: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
Ax Worx
Largest movements
- Financial fixed assets +€50,066
up €50,066 (+12,516%), from €400 to €50,466
- Cash -€12,993
down €12,993 (-55.6%), from €23,379 to €10,386
mainly Investment in fixed assets (net) (-€65,066) and Contributions, distributions and other (-€24,985)
- Current investments -€11,837
down €11,837 (-22.9%), from €51,626 to €39,789
- Tangible fixed assets +€9,507
up €9,507 (+73.4%), from €12,960 to €22,468
of which Land and buildings: +€15,000
- Receivables within one year +€3,910
up €3,910 (+35.1%), from €11,153 to €15,062
of which Other amounts receivable: +€3,537
- Debts after one year +€24,394
up €24,394 (+163%), from €15,000 to €39,394
- Other debts +€18,788
up €18,788 (+9,706%), from €194 to €18,982
- Current portion of long-term debt +€9,775
new in 2025: €9,775
- Reserves -€9,497
down €9,497 (-15.7%), from €60,599 to €51,102
- Tax, wage and social debts -€7,904
down €7,904 (-34.7%), from €22,759 to €14,855
- Gross operating margin -€12,914
down €12,914 (-31.9%), from €40,456 to €27,542
- Financial income +€3,685
up €3,685 (+1,002%), from €368 to €4,052
- Taxes -€2,717
down €2,717 (-37.8%), from €7,190 to €4,474
- Other operating charges +€1,997
up €1,997 (+502%), from €398 to €2,394
- Financial charges +€1,435
up €1,435 (+119%), from €1,208 to €2,643
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €103,303 | €142,305 | +€39,002 | +37.8% |
| Fixed assets | 21/28 | €13,360 | €72,934 | +€59,573 | +446% |
| Tangible fixed assets | 22/27 | €12,960 | €22,468 | +€9,507 | +73.4% |
| Land and buildings | 22 | - | €15,000 | +€15,000 | |
| Plant, machinery and equipment | 23 | €6,288 | €3,993 | -€2,295 | -36.5% |
| Furniture and vehicles | 24 | €6,672 | €3,474 | -€3,198 | -47.9% |
| Financial fixed assets | 28 | €400 | €50,466 | +€50,066 | +12,516% |
| Current assets | 29/58 | €89,942 | €69,371 | -€20,571 | -22.9% |
| Amounts receivable within one year | 40/41 | €11,153 | €15,062 | +€3,910 | +35.1% |
| Trade receivables | 40 | €11,102 | €11,475 | +€373 | +3.4% |
| Other amounts receivable | 41 | €50 | €3,587 | +€3,537 | +7,053% |
| Current investments | 50/53 | €51,626 | €39,789 | -€11,837 | -22.9% |
| Cash at bank and in hand | 54/58 | €23,379 | €10,386 | -€12,993 | -55.6% |
| Deferred charges and accrued income | 490/1 | €3,784 | €4,133 | +€349 | +9.2% |
| Total equity and liabilities | 10/49 | €103,303 | €142,305 | +€39,002 | +37.8% |
| Equity | 10/15 | €63,599 | €54,102 | -€9,497 | -14.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €60,599 | €51,102 | -€9,497 | -15.7% |
| Distributable reserves | 133 | €60,599 | €51,102 | -€9,497 | -15.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,704 | €88,203 | +€48,499 | +122% |
| Amounts payable after more than one year | 17 | €15,000 | €39,394 | +€24,394 | +163% |
| Financial debts | 170/4 | €15,000 | €39,394 | +€24,394 | +163% |
| Amounts payable within one year | 42/48 | €24,704 | €47,866 | +€23,162 | +93.8% |
| Current portion of amounts payable after more than one year | 42 | - | €9,775 | +€9,775 | |
| Trade debts | 44 | €1,751 | €4,255 | +€2,504 | +143% |
| Suppliers | 440/4 | €1,751 | €4,255 | +€2,504 | +143% |
| Taxes, remuneration and social security | 45 | €22,759 | €14,855 | -€7,904 | -34.7% |
| Taxes | 450/3 | €22,759 | €14,855 | -€7,904 | -34.7% |
| Other amounts payable | 47/48 | €194 | €18,982 | +€18,788 | +9,706% |
| Accrued charges and deferred income | 492/3 | - | €943 | +€943 | |
| Remuneration, social security and pensions | 62 | €124 | €1,103 | +€979 | +790% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,252 | €5,493 | +€240 | +4.6% |
| Other operating charges | 640/8 | €398 | €2,394 | +€1,997 | +502% |
| Gross operating margin | 9900 | €40,456 | €27,542 | -€12,914 | -31.9% |
| Operating profit (loss) | 9901 | €34,682 | €18,552 | -€16,129 | -46.5% |
| Financial income | 75/76B | €368 | €4,052 | +€3,685 | +1,002% |
| Recurring financial income | 75 | €368 | €4,052 | +€3,685 | +1,002% |
| Financial charges | 65/66B | €1,208 | €2,643 | +€1,435 | +119% |
| Recurring financial charges | 65 | €1,208 | €2,643 | +€1,435 | +119% |
| Profit (loss) for the period before taxes | 9903 | €33,842 | €19,962 | -€13,880 | -41.0% |
| Income taxes | 67/77 | €7,190 | €4,474 | -€2,717 | -37.8% |
| Profit (loss) for the period | 9904 | €26,651 | €15,488 | -€11,163 | -41.9% |
| Profit (loss) for the period to be appropriated | 9905 | €26,651 | €15,488 | -€11,163 | -41.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.